A MANAGEMENT buy-out has been completed at Preston firm Central Power Services Ltd.
The Royal Bank of Scotland and RBS Invoice Finance have provided an undisclosed funding facility to support the deal.
The move sees Stuart Brakewell take full ownership of the business after buying out his brother Jonathan Brakewell.
Stuart has worked for the business since its inception in 1986 when it was established by his father Keith Brakewell and Derek Bell.
Based in Preston, Central Power Services is today one of the UK’s leading independent emergency power specialists. The business installs and maintains emergency power systems for businesses and service providers across the UK and Europe. It also has offices in Cannock and Leeds.
John Copping from the RBS Corporate Transactions Team worked alongside colleagues Liam Molyneux, in the Preston Corporate team and Kevin Burrows from RBS Invoice Finance to structure a funding deal to support the MBO.
Advisers involved in the transaction include Neil Robinson from Mazars who provided financial due diligence. Legal adviser to Stuart Brakewell was Gill Gardner from Brabners and to the bank Robert Dobson from Napthens. Jenny McCabe CLB Coopers also advised Stuart Brakewell.
Stuart Brakewell Managing Director at Central Power Services said: “I am delighted to take full control of the business and am looking forward to expanding the business and to build on the firm’s established track record of success. It will be business as usual for our customers, suppliers and staff.
“I am grateful for the support and professionalism RBS has displayed throughout the deal process.”